The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.

Ethereum (CRYPTO: $ETH) treasury company BitMine Immersion Technologies (NYSE: $BMNR) is being considered for inclusion in the Russell 1000 index. 

The Russell 1000 Index tracks the 1,000 largest publicly traded companies in the U.S. by market capitalization. Being added to the index could give BMNR stock a boost.

That’s because exchange-traded funds (ETFs) and mutual funds that track the performance of the Russell 1000 index would be required to buy the stock and add it to their portfolio. 

More From Cryptoprowl:

Ripple, The Company Behind XRP, Is Valued At $50 Billion

Eightco Secures $125 Million Investment From Bitmine And ARK Invest, Shares Surge

Blockchain Projects Decline 75% As Developers Shift To A.I.

Stanley Druckenmiller Says Stablecoins Could Reshape Global Finance

New York Stock Exchange Invests $600 Million In Polymarket

BitMine Chairman Tom Lee said on social media that index manager, FTSE Russell, published its preliminary index additions and deletions on May 23, and it included his company.

Lee added that BitMine’s market value is above the $5.7 billion U.S. minimum for large-cap inclusion. Current market data places BitMine’s market capitalization at $8.58 billion U.S.

A final decision on which companies will be dropped and added to the Russell 1000 hasn’t been made public. But the changes will take effect after U.S. markets close on June 26 of this year.

Lee stressed that many active fund managers only buy stocks in the Russell 1000. He also said passive index funds and ETFs often hold an estimated 20% to 25% of a company’s market cap.

FTSE Russell said its preliminary list of new additions will be updated in June before the new Russell 1000 index takes effect at the end of that month.

BitMine is the largest corporate owner of Ethereum in the world and has a stated goal to hold 5% of the circulating supply of ETH. 

BMNR stock is down 40% this year and trading at $18.88 U.S. a share.